The Asia Pacific Parking Management Market would witness market growth of 11.8% CAGR during the forecast period (2022-2028).
Parking management refers to initiatives and policies that lead to more efficient use of parking resources. This report describes over two dozen different tactics used in parking management. In a given situation, parking management can reduce the number of parking spaces needed, offering a number of advantages to society, the economy, and the environment when properly applied. When these effects are considered, better management is frequently the greatest answer to parking issues.
Automated License Plate Recognition (ALPR), occupancy rate forecasting, automatic data interpretation, and practical traffic flow are all features of the AI-based system. The addition of various online services, including digital payments, interactive smartphone applications, and dynamic pricing, has been made possible due to the integration, which has enhanced the entire consumer experience. The necessity for the creation of parking management solutions is being driven by the increase in automobiles and the dearth of appropriate and designated parking spots. Additionally, the expansion of smart cities and government assistance for parking solution expansion is boosting market demand.
The automobile industries have grown rapidly throughout Asia-Pacific over the last few years. This trend has persisted as a result of the growing potential for vehicle production and technological innovation in the region's developing nations, including China, India, Indonesia, and others. Due to the existence of growth opportunities, manufacturers have been forced to increase their production capabilities and market reach. For instance, DuPont invested over USD 80 million in China in November 2018 to set up a manufacturing facility for compounded, high-end technical plastics and adhesives. Several businesses, including transportation, will benefit from the items that are offered.
China accounted for the largest share of world total vehicle sales of any country in 2020, according to the International Organization of Motor Vehicle Manufacturers (OICA), selling nearly 25 million vehicles. The regional market for automobile emission test equipment is anticipated to increase as a result of China's growing automotive sector.
The China market dominated the Asia Pacific Parking Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $652.6 million by 2028. The Japan market is poised to grow at a CAGR of 11.1% during (2022 - 2028). Additionally, The India market would display a CAGR of 12.5% during (2022 - 2028).
Based on Offering, the market is segmented into Solution (Revenue Management, Parking Reservation Management, Access Control, Security & Surveillance, and Valet Parking Management & Others) and Services. Based on Application, the market is segmented into Government, Commercial, and Transport Transit. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Parking Site, the market is segmented into Off-Street and On-Street. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Parking Management Market is Projected to reach USD 7.8 Billion by 2028, at a CAGR of 10.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 3M Company, IBM Corporation, Cubic Corporation, Siemens AG, Kapsch TrafficCom AG, Robert Bosch GmbH, Conduent, Incorporated, T2 Systems, Inc., SWARCO AG, and Amano Corporation.
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